Ever since the cryptocurrency market is down, many altcoin giants have dipped below their lowest mark, setting a new record. Bitcoin is currently showing some signs of recovery but it seems rather slow and insufficient to help the market and other cryptocurrencies to get back on track. The effect on Bitcoin Cash is evident as its individual price touched $709 yesterday due to Bitcoin’s situation.
But unlike its core project, which it claims to outperform in every single aspect, Bitcoin Cash team and community is clearly trying to retain its position as the most successful fork of Bitcoin. Within the past few months, the platform whose sole purpose is to be traders and merchant friendly, and also to expand its usability across the world, to become the most preferred mode of payment, has gone through a lot of ups and downs. Let’s discuss where it is heading to! And what did you miss in the past few days?
Bitcoin cash being Threatened by a Stress Test
Bitcoin Cash recently hit headlines for being in a threatened position. The latest reports say that a notorious group of anonymous developers, who are known as BitPico, and whose primary responsibility is to test the integrity, performance, security of a blockchain, have issued an announcement on 22nd June that they are evaluating Bitcoin cash network this time around. As a result, the Bitcoin cash network will be entrusted with transactions of bulk volumes. Apparently, this was an extreme stress test suiting Bitcoin cash but it had another extremely important goal as well. The other goal, according to BitPico Twitter was to test whether Bitcoin cash is truly decentralized or not. The original tweet indicates that the method of the test was most likely a full-fledged ‘attack’ on the network by excessive operations or DDoS attacks.
Bitcoin cash Added as Payment Option for Luxury Items
When fancy, world’s leading luxury e-commerce platform announced the addition of Bitcoin Cash as a payment option to their site, its immediate effects were easily noticeable on the BCH markets. Fancy is widely recognized for its high-end collection that comprises of a volleyball court, BBQ boats and other such lavish goods which are showcased on their website for their celebrity and other aristocratic clientele. Because of Fancy’s new payment option, BCH will now be available to all the big spenders all over the world. Fancy’s e-commerce site previously came all over the news for severing ties with Coinbase and switching to BitPay platform because the former has changed its merchant services back in May. As far as Fancy’s link with cryptos goes, it has been Bitcoin-friendly since the year 2013 and now adding Bitcoin cash to its existing mode of payments can only be interpreted as an encouragement to its markets and community in the current situation where crypto enthusiasts were waiting for a positive sentiment to go on.
It is being said that this new crypto addition took place because of switching to new payment processors (BitPay). Since fancy requires to process instant cryptocurrency conversions to US dollars, they had to shift their preferences and go with BitPay which is more suitable.
Bitcoin Cash OP_Return Data Gets 3 Applications:
When team Bitcoin Cash launched OP_Codes, their primary goal was to bring overall improvement to the Network Platform and also grab the attention of blockchain-based developers from all over the globe. By using the OP_Codes and making use of Bitcoincashers.org, developers can now create and comprehend applications and functionality. The Bitcoin cash network upgrade has been active for over a month by now and evidently it has helped thousands of developers to create platforms as well as extensions that utilize the OP_Codes and the OP_Return updated transactions. One of the examples of such applications would be ‘Chainfeed’. It’s a real-time global newsfeed displaying tool that works with Bitcoin cash. It allows users to share the data site and information with direct shareable links which can be bookmarked as well.
Other similar tools would be read.cash and also the _opretum Twitter bot. Their functioning is same as that of Memo cash platform but the only difference is that they use Twitter API.
Current Market Position:
At the time of writing, the individual price of Bitcoin Cash is approximate, $710.12 according to the data on CoinMarketCap. It is ranked as the 4th largest cryptocurrency of the world after securing a gigantic total market capital which amounts to $12.2 billion. Bitcoin cash price is currently on the rise by 1.56% and around $3.25 billion worth of BCH has exchanged hands within the past 24 hours.
Almost all through this week Bitcoin cash and its core project also its arch nemesis i.e. Bitcoin has been bleeding all over the cryptocurrency markets. Bitcoin prices have been sinking along with all altcoins which stirred a sort of panic that’s called FOMO among all crypto enthusiasts and crypto investors. The Bitcoin cash community is waiting for a situation similar to late April when the prices were at its peak compared to its previous records. Even now it seems as though sellers are in-charge of the current situation. All we can do is wait and watch when the ice breaks and Bitcoin markets try to leap forward to stabilize the overall cryptocurrency markets and favor Bitcoin cash.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Wisebitcoin Launches Professional-Grade Crypto Exchange
Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.
In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.
For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
Beyond leverage, Wisebitcoin additionally offers a simple and…